Indian equity benchmark indices rode the bull run to breach key milestones on Wednesday, with Sensex reclaiming 72,000 and Nifty topping 21,650 levels for the first time.
The 30-share BSE Sensex rallied over 700 points to end above the 72,000 mark at 72,038. Both Sensex and Nifty notched up their highest closing levels, extending gains for the fourth straight session.
The NSE Nifty50 also surged over 200 points to settle at a record peak of 21,655, crossing the previous all-time highs registered in October 2021.
The day’s rally was led by robust gains in metal, banking, auto, and telecom stocks amid optimism over ongoing Q3 corporate earnings. UltraTech Cements, JSW Steel, SBI, L&T, Airtel, and Tata Motors were the top Sensex gainers.
However, the upside remained capped due to mild profit-taking observed in IT, oil & gas, and power stocks. Among other indices, midcap and smallcap gauges also logged modest gains of up to 0.4% each.
Analysts noted that positive sentiment in global equities aided the domestic market’s rally, though rising crude prices and dollar strength against the rupee kept gains in check.
With central banks globally sticking to their hawkish stance, uncertainty continues to hover over world markets. But investors back home seemed keen on cherry-picking quality names across beaten-down sectors ahead of the budget.
Technically, the Nifty remains in a strong uptrend and needs to hold the 21,550 level to inch towards the 21,800 mark next. Market appetite for equities remains strong despite premium valuations, point out experts.
